We’re on the cusp of a new era of the internet, one that promises to be more decentralized, democratic, and secure. Welcome to Web 3.0, where the internet offers us a lot more than we ever expect.
The primary components of Web 3.0
Web 3.0 is the technology that will finally allow us to fully own our data and digital assets. Under the current system, we do not own our data—companies do. They can sell our data to advertisers without our consent or knowledge, use it to target us with ads and even share it with government agencies without our permission. It’s no longer just a matter of transferring money from one person’s account into another. With Web 3.0, people can take their data and digital assets and transfer them anywhere on the web, all thanks to blockchain technology.
Web 3.0 offers a better way for brands and consumers to connect. So, in this new internet, relationships are always two-way streets; where both parties have something important in common – namely their interests or needs which drive them towards each other’s products/brands respectively.
The new era of the web is all about the community because brands that prioritize building communities are on a path to create super-loyal fans who help them spread their message, engage with other users and be active ambassadors for the brand.
One of the most important aspects of Web 3.0 is decentralization. The current centralized state of the web makes it easy for big companies to censor information and manipulate search results in order to benefit their business interests.
Blockchain’s Role in Web 3.0
Web 3.0 is being built on the back of the groundbreaking technology of blockchain. Technology is allowing us to decentralize the internet. At this time with Web 3.0, we’re moving away from centralized, siloed applications (think Facebook, Google, Amazon) to a more evenly distributed web, with data stored on a global network of computers (think Bitcoin, Ethereum). Web 3.0 utilizes smart contracts and digital assets (or NFTs) operated on blockchain networks.
Blockchain is what makes Web 3.0 application data openly available for anyone to write to and read from. This public database stores all the data and information safely and transparently. The data is spread across many computer servers and this is what enables the decentralization aspect of Web 3.0, where data can’t be censored or manipulated in any case.
Smart contracts are software programs that are stored on blockchain networks. Those contracts automatically execute transactions based on predefined rules and agreements carefully created. They’re efficient, fast-executing, and require no intermediaries. You cannot change the predefined parameters, in contrast to Web 2.0 applications, where companies can modify as they please. Therefore, those smart contracts enable flows, speed, cost-effectiveness, decentralization, automation, and relationships between brands and consumers.
Digital Assets (or NFTs)
Digital Assets (or NFTs) represent anything of value online or offline that interacts with those smart contracts. They are intangible but can often represent or come with real physical objects. These NFTs interact with smart contracts and come with ownership rights, which are verifiable on the blockchain. In Web 3.0, users can own and move those digital assets as they wish.
A few applications of Web 3.0
Decentralized Social Networks & Data Storage
Traditional social media platforms like Facebook own an incredible amount of power over us thanks to our data. They can sell our data to advertisers, censor our speech, and shadowban us if they don’t agree with our views. However, with a decentralized social network like 3speak, Mastodon, or Steemit, our data is stored on the blockchain). This means that no single entity controls our data; instead, everyone who is running a node on the network controls it. This not only makes our data more secure, but it also makes censorship much more difficult (if not impossible).
Web 3.0 blockchain technology provides a more secure and efficient way to complete transactions. Additionally, there are reduced costs, thanks to streamlining back-end processes and eliminating the need for third-party intermediaries. Traditional e-commerce platforms are opaque and buyers don’t know what’s happening behind the scenes. This opacity can lead to unethical practices that don’t adhere to the values of consumers. In Web 3.0, e-commerce businesses are more transparent than ever before and prioritize community building and customer engagement. Buyers can also get the real number of stocks left in real-time and brands can have better warranty management in place.
In Web 3.0, for example, gamers can see how their in-game data is being used and leverage their characters, weapons, and vehicles to the max by selling their digital assets in exchange for in-game tokens which can be redeemed and sold for traditional money (also referred to as Play to Earn games).
The Future of the Internet
In conclusion, Web 3.0 has the potential to completely upend many industries and change the way we live our lives for the better. Finally, we’re standing at the precipice of a new era; let’s make sure we build something amazing, together.
Peerplays is an open-source blockchain that provides the fastest, most decentralized network consensus model available today. Built with Graphene technology and Gamified Proof of Stake (GPoS), Peerplays is bringing a new paradigm of fairness, trust, speed, and security. We provide you with decentralized systems and tools to help you regain control, power, and freedom. Peerplays call for an empathetic approach that mirrors human interactions, rather than machine-like approaches. We connect the world of blockchain through SONs.
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